CBL Insurance formed part of CBL Corporation, whose shares listed on the New Zealand sharemarket in October 2015 at $1.73. The stock rose to more than $3 two years later, valuing the company at nearly $750 million before its insurance units were forced to wind down, rendering the company worthless.
It later emerged the company had been trading while insolvent and had been for some time.
CBL is now the focus of two class actions funded by litigation funders as well as proceedings brought by the Financial Markets Authority.
Last year the Reserve Bank commissioned an independent to examine its supervision of CBL Insurance, spanning its pre-licensed state in 2011 through to its eventual collapse in early 2018.
During the pre-licensing and licensing phase in 2012 and 2013, the report found the Reserve Bank's processes were sound. However, from 2014 to 2016 - a period that included CBL's initial public offering - they found the RBNZ gave the insurer the benefit of the doubt too often and should have acted more decisively about its solvency concerns.
Harris has previously attempted to lay the blame for CBL's collapse at the Reserve Bank and is expected to do so again during the SFO case.
"I welcome the opportunity to finally bring the wider picture of the CBL saga before the court after the SFO and RBNZ jointly announced the investigation in June 2018," Harris said in his statement.
"The court is a proper forum to respond to these allegations and to challenge the regulatory response that placed CBL Insurance Group, and its investors' funds, at risk.
Harris is represented by Rachael Reed QC and Jack Cundy of Lee Salmon Long.
